Wednesday, April 8, 2009

In the first three months of 2009, 31 homes sold in the Hancock Park – Wilshire area. The median sale price was $869,000 – an astonishing 42% decline from the median sale price of $1,502,000 during the first three months of 2008.

68 Fremont Place

68 Fremont Place, a 1923 Paul Williams traditional home “reimagined and re-defined by European designer Marc Canadell” sold for its $5,995,000 asking price in 25 days. Located on a private way, this Hancock Park home has seven bedrooms, eight and one-half baths, and 8,544 sq ft of living area on nearly half an acre.

523 S Lucerne Boulevard

523 S Lucerne Boulevard, a fully-remodeled Mediterranean manor on a prime Windsor Square block sold for $3,250,000 -- close to its $3,299,000 asking price -- in 14 days. This home has five bedrooms, four baths and 3,966 sq ft of living area on a 12,600 sq ft lot

There are currently 36 homes on the market priced $2 million or more. Six in this price range sold during the first three months of 2009 – or enough inventory for 18 months at the current sales rate.

The Hancock Park – Wilshire area is not immune to the REO and short sale scourge – three of the sales were foreclosed properties and one was a short sale.

Income Property.

In this prime neighborhood of trophy, owner-occupied properties, six duplexes and one fourplex traded hands during the first three months of 2009.

160 N Orange Street

160 N Orange Street, an incredible Tudor duplex built by Hancock himself (of “Hancock Park” fame), sold for $1,650,000, $150,000 off its original $1,800,000 asking price, in 148 days. The property, which had been in same family for 50 years, has two three bedroom, three bath units, enormous fireplaces and 5,213 sq ft of living area.

412 N Orange Boulevard

412 N Orange sold for $1,025,000 – a drastic reduction from its original $1,499,000 listing price. This 1927 character Spanish duplex has two three bedroom, two bath units and 4,273 sq ft of living area, an amazing $239/sq ft for a central, high-quality property.

(click chart for more detail)

The percentage of homes under contract during the first three months of 2009 began at 4 – 6 %, close to its two year lows, and then experienced an uptick to 13% during March, indicating that buyers are sellers are increasingly making deals.

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About Adner Realty Group

Jamie Adner is a Broker Associate at Keller Williams Realty Hollywood Hills, specializing in residential and commercial sales and consulting. He is a member of the Agent Leadership Council at the Hollywood Hills office and chairs the Financial Planning Committee. Jamie received his MBA from the Anderson School of Management at UCLA and holds a BS in Neuroscience and a BA in Semiotics from Brown University, where he graduated Phi Beta Kappa, Magna Cum Laude. Jamie is licensed as a Real Estate Broker in the state of California.